Audrey Bonnet | Hasson Company Realtors

New Oregon Cell Phone Law Effective 1/2010

2009-12-22T23:07:00.000-08:00

Just in case you have not heard about the new law being enforced beginning of the new year: http://www.drivinglaws.org/oregon.php

Steel Cargo Containers-The Hidden Potential

2009-12-10T15:35:00.000-08:00

It is always inspiring to see how people take used items and find a creative new purpose for them. Check out this guy who recycled an old steel cargo container into a cool outdoor office cabana. Or consider making a play house, guest house, art studio - the possibilities are endless! http://www.oregonlive.com/hg/index.ssf/2009/12/a_steel_cargo_container_become.html

It's Official! Obama Signed Tax Credit Extension

2009-11-06T13:07:00.000-08:00

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

Below you will find a concise overview.

TAX CREDIT OVERVIEW

Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible for the FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession, 2. Right to obtain legal title upon full payment of the purchase price, 3. Right to construct improvements, 4. Obligation to pay property taxes, 5. Risk of loss, 6. Responsibility to insure the property, and 7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:
They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.

Senate Voted Today to Renew Tax Credit for First-Time Home Buyers

2009-11-05T11:18:00.000-08:00

The Senate voted today to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.

The bill, which passed 98 to 0, should reach the House floor by Thursday, House Majority Leader Steny H. Hoyer (D-Md.) said in a statement. His office said the legislation would then go to the White House for the president's signature.

The Obama administration has previously supported extending the $8,000 tax credit, and without congressional action the program would end Nov. 30.

Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.

But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program, which is estimated to cost $10 billion.
Sen. Johnny Isakson (R-Ga.), a longtime advocate of the tax credit, praised passage of the bill in his chamber but said the extension would be the last one.

"Tax credits like this only work by creating the sense of urgency to take advantage of them," Isakson said in a statement.

Supporters of the tax credit, including the real estate industry, say it has energized home buyers and helped increase sales. But critics say the program is too expensive and has attracted mainly people who were going to buy a home anyway.

In the Senate's measure, taxpayers would be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Source: Washington Post, By Dina ElBoghdady, November 5, 2009

Will the First-Time Homebuyer Tax Credit be Extended?

2009-11-03T10:53:00.000-08:00

Lawmakers are discussing extending the First-Time Homebuyer credit until April 30. At this time it is scheduled to expire on November 30th. If their proposal is approved, it would also expand to allow higher-income Americans and some who already own homes to qualify for the break.

Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan. Also, couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extended break. That’s up from a $75,000 limit for individuals and $150,000 for couples.

To read the complete article from Bloomberg.com click here. Stay tuned for more updates and find out if it becomes official when the proposal is voted on next week.

Thinking about moving to Portland?

2009-09-21T15:24:00.000-07:00

Check out this great video to get a glimpse of what to expect!

Real Estate Market Update

2009-07-15T14:16:00.000-07:00

June Residential Highlights
This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007.

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.

Further, comparing June 2009 with May 2009, closed sales increased 24.5% (1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely, actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report
Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices
The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v. $291,400) and the median sale price was down 0.04% ($249,900 v. $250,000).

Source: RMLS Market Action

Portland Real Estate Market Update

2009-06-01T15:35:00.000-07:00

Residential Highlights
While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April.

Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%.

On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v.1,184). New listings increased 3.3% (3,808 v. 3,685).

Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).

Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 - up from 14,158 in March.

Sale Prices
The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%.

Month-to-month, the average sale price and median sale price were mixed when compared with
March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).

Affordability
Housing in the Portland metro area was at its most affordable point since December 2004 in March.

If you have any questions about the real estate activity in your neighborhood please contact me.

Happy Valley City-Wide Open House

2009-05-27T14:17:00.000-07:00

The City of Happy Valley, along with local Realtors and builders, are holding the 1st Annual “City of Dreams” this Saturday the 30th from noon to 5pm.

The City of Dreams will be the BIGGEST FREE City-wide tour of for sale properties in Oregon. There are some amazing deals in Happy Valley and there has never been a better time to buy your dream-home. There are currently 197 foreclosures in Happy Valley’s zip code, and another 174 bank-owned properties. Future home buyers will be able to view hundreds of open houses for sale in every price range in and around the Happy Valley area.

The self-guided tours will begin Saturday, May 30th from noon to 5:00 pm. The tour will start at the Happy Valley City Hall, located near Happy Valley Town Center, at 16000 SE Misty Drive, Happy Valley, OR 97086.

If you are interested in purchasing a home in Happy Valley or anywhere else in the Portland Metro area please let me know and I would be happy to help you.

Click here for more information: http://www.ci.happy-valley.or.us/index.html?page=newsReader.html&p=117

Is Now the Time for Some Home Buyers to Make a Deal?

2009-04-29T20:32:00.000-07:00

While housing prices are continuing to fall, prospective home buyers may not want to wait much longer for the market to hit bottom, experts say.

"Most of the big declines in home prices have occurred," says Lawrence Yun, the chief economist at the National Association of Realtors. "Any more will probably be minimal." Part of the reason is that homeowners are becoming more realistic in listing their asking price.

"Home prices are where they should be," says Robert Abbott, co-owner and VP of Abbott & Caserta Realtors in northern New Jersey. "Sellers are accepting the current reality and are pricing more realistically."

The latest Case-Shiller report shows that home prices in 20 cities dropped 18.6 percent in February from a year earlier. But for the first time in 16 months, that rate of decline eased from the prior month.

To read more click here.

Real Estate Market Update

2009-04-22T20:36:00.000-07:00

Residential Highlights
Portland metro area market activity continued to grow over last month, but fell short of reaching March 2008 levels.

Comparing March 2009 with the same month in 2008, closed sales dropped 30%. Pending sales also fell 15.5%. New listings decreased 28.5%.

On the other hand, when comparing March 2009 with February 2009, closed sales grew 38.2% (1,184 v. 857) and pending sales were up 28.3% (1,637 v. 1,276). New listings grew 6.2% (3,685 v. 3,471).

Pending sales typically rise from February to March, but this year it increased at a steeper rate (28.3% in 2009 - vs. 5.5% in 2008 and 8.3% in 2007).

Inventory also dropped to 12 months, its lowest point since October 2008. Active residential listings in March numbered 14,158 – down slightly from 14,188 in February. This is notable, as active listings have typically grown over that same time
frame (7% in 2008 and 6.6% in 2007).

Sale Prices
The average sale price for March 2009 was down 11.8% compared to March 2008, while the median sale price dropped 14%.

Month-to-month, the average sale price and median sale price are both down when compared with February levels; the average sale price decreased a slight 0.5% ($297,000 v. $298,500) and the median sale price was down 4.9% ($246,400 v. $259,000).

Is FHA Key to Housing Turnaround?

2009-04-13T11:23:00.000-07:00

Federal Housing Administration loans can be a very good deal for home buyers, especially those who don’t have a lot of cash or whose credit rating isn’t stellar, experts say.

FHA loans now account for 20 percent of new mortgages, up from 3 percent in 2006. What's more, the number of authorized FHA lenders has increased 500 percent in two years.

Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low rates overall, which don’t rise if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with good incomes may find them attractive.

FHA loans still require a pre-settlement inspection of the home, but the process isn’t nearly as arduous as it once was, says George Hanzimanolis, past president of the National Association of Mortgage Brokers.

Source: CNNMoney.com (04/01/2009)

Real Estate Market Update

2009-03-12T18:52:00.000-07:00

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008.

Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%.

On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196).

At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices
The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%.

Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date
Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

If you have any questions about the local market in your neighborhood contact me today!

Jade Teahouse in Sellwood

2009-03-02T10:02:00.000-08:00

This fantastic teahouse in Sellwood in SE Portland was opened by my parents and sister. Read the rave review by the Oregonian: http://www.oregonlive.com/dining/index.ssf/2009/02/cheap_eats_jade_teahouse_patis.html

I definitely recommend checking the place out!

Tax incentive for home buyers changed to $8,000

2009-02-17T17:05:00.000-08:00

The new stimulus package seemed to defy Washington’s peculiar laws of physics, where numbers that go up don’t often come back down.

But by producing a compromise with a sticker price of about $789 billion — less than the amount approved in either the House or the Senate — Congress appears to have ensured quick passage. Indeed, the Senate may begin debate on the package Thursday and may even pass it before the House, which would endorse it by the end of the week.

The stimulus bill initially passed by the House had a projected cost of $820 billion, on the high end of the White House’s recommended range. The Senate then went even higher, to $838 billion. And yet Congressional leaders and the Obama administration have settled on a final deal that lopped nearly 4 percent off the House bill and nearly 6 percent from the Senate version.

The Senate had proposed a $15,000 tax incentive for all home buyers, a generous morsel that had real estate brokers smiling. But the final deal falls back to a House proposal that would provide much less money and would limit the provision to first-time home buyers within certain income limits.

Although details were still being worked out, officials said that eligible first-time homebuyers would be able to claim a credit of $8,000.

Click here to read more: http://www.nytimes.com/2009/02/13/us/politics/13stimulus-web.html?hp

Senate OKs $15,000 tax break for homebuyers

2009-02-04T22:40:00.000-08:00

The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry. Click here to read more: http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus

Portland Real Estate Market Update

2009-01-15T14:38:00.000-08:00

December Residential Highlights
The year ended quietly as sales activity in the Portland metro continued to slow. However, the level of inventory dropped after reaching a record high in November.

The number of closed sales (987) hit its lowest point since February 1992 (905). Pending transactions (810) were at a record low since RMLS™ began reporting in 1992, the previous record was 845 in December 1994.

Comparing December 2008 with December 2007, closed sales fell 34% and pending sales dropped 34.2%. New listings also decreased 17.4%.

At the month’s rate of sales, the 13,882 active residential listings would last 14.1 months if no new listings were to enter the market. That is a slight decrease from last month’s record high of 15 months.

2008 Summary
Comparing market activity in 2008 with 2007, new listings decreased 8.7%. Pending sales dropped 30.8% and closed sales fell 32.1%.

At $6.3 billion this year, total sales volume dropped 35% from 2007’s $9.7 billion.

Fourth Quarter Summary
Comparing the fourth quarter of 2008 with that of 2007, new listings fell 20.3% (8,326 v. 10,450*). Closed sales, on the other hand, dropped 32.1% (3,598 v. 5,298) and pending sales fell 35.8% (3,061 v. 4,766).

Please call me if you have any questions about the real estate activity in your neighborhood. You can find more information on my website at www.audreybonnet.com

Source: RMLS Market Action

View Photos of Portland Neighborhoods!

2009-01-06T14:11:00.001-08:00

Check out my Photo Gallery on http://www.audreybonnet.com/ to see photos of different neighborhoods around Portland. I will continue to upload more photos so don't forget to check back. Thanks!

Happy Holidays!

2008-12-25T23:05:00.001-08:00

Wishing you the best in the coming new year!

Photo by 321 Photography

Lowest Interest Rates of the Year!

2008-12-17T12:51:00.000-08:00

The bond market has improved over the last several days and rates have moved down into the low 5’s and even the high 4’s! It's a great time to buy or refinance and get a low fixed rate loan.

The Federal Reserve on Tuesday aggressively cut its target for overnight interest rates to a record low zero to 0.25%, and said it would employ “all available tools” to dispel a year-long recession.

The surprise move to lower its target for the benchmark federal funds rate by 0.75 percentage points to up to a full point from its prior 1% put the Fed in unprecedented policy territory. Financial markets had expected the Fed to lower rates by no more than three-quarters of a point.

“The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability,” the Fed said.

The cut in the federal funds rate pushes it to its lowest level on records dating to July 1954, and the central bank said it would likely keep it at “exceptionally low levels for some time.”

Read more at Financial Week

Portland Real Estate Market Update

2008-12-12T12:15:00.000-08:00

November Residential Highlights

Sales activity continued to slow in the Portland metro area during November.

The number of closed sales dropped 39.9% compared to last November. The 1,041 sold properties was the lowest sales total since February 1993. Pending sales also fell 31.7% compared to last November. New listings decreased 20.2%.

Comparing November 2008 to October 2008, new listings dropped 25.5% (2,687 v. 3,605). Pending sales declined 12.6% (1,108 v. 1,268) and closed sales were down 28.9% (1,041 v. 1,465).

The inventory of homes grew to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).

Year-to-Date

Comparing January-November of 2008 to the same time period in 2007 there have been 31.8% less closed sales and 30.5% fewer pending sales this year. Additionally, there was a 8.3% decrease in the number new listings.

Sale Prices

The average sale price for November 2008 was down 10.5% compared to November 2007, while the median sale price dropped 7%.

Month-to-month, the average sale price and median sale price are both down when compared with October levels; the average sale price dropped 4.9% ($308,300 v. $324,300) and the median sale price was down 3.6% ($265,000 v. $275,000).

For more information about the local real estate market in your neighborhood, please contact me.

Source: RMLS Market Action News

Portland Neighborhood Feature: Downtown

2008-12-09T10:00:00.000-08:00

Bustling downtown Portland is vibrant and alive with change. There are many beautiful parks to enjoy, as well as numerous theater, music, and entertainment events, restaurants and tax-free shopping. Portland’s famous light rail system, the MAX, runs through downtown Portland in what’s called the “fareless square.” Portland’s downtown blocks are shorter than most, roughly 200ft on each side, as a result making it easier to get around by foot.

In the heart of downtown Portland is Pioneer Courthouse Square, also known as “Portland’s Living Room.” It’s a brick-covered square that takes up a city block and it’s the perfect spot for the many festivals and public concerts that take up the square during the summer. It’s a popular place for Portlanders to hang out, eat lunch or read the paper.

Lying along the elegant, tree-lined South Park Blocks, you can explore some of the city’s major fine and performing arts institutions in the Cultural District. Interspersed among these six blocks are the Portland Art Museum, Portland Center for the Performing Arts, Arlene Schnitzer Concert Hall, Northwest Film Center, Lincoln Hall, Oregon Historical Society, and some of the city’s most impressive early architecture. The Portland State University campus is just a short stroll away. With a Safeway grocery store and several new loft-style condominiums, this area is an urban-dwelling destination.

Sites of Interest: Pioneer Courthouse Square, Park Blocks, Portland Saturday Market, Portland State University, Portland Art Museum, Tom McCall Waterfront Park, Arlene Schnitzer Concert Hall, Portland Farmers’ Market.

Location: Along the Willamette River bordering Naito Parkway to the east, Burnside St to the north, I-405 to the west and south.

Typical price and style of homes: Older historic buildings recently converted into condos, new loft-style condominiums and apartments primarily centered around PSU students. The average price is $480,571 and the median price is $349,000.

You can also view more neighborhood stats at: http://www.portlandmonthlymag.com/real-estate/articles/neighborhoods-by-the-numbers/

Portland Neighborhood: Northwest District

2008-12-02T17:24:00.000-08:00

The Northwest District is a sophisticated, yet trendy, neighborhood surrounding the very popular NW 21st and NW 23rd Avenues nestled between the West Hills and the Pearl District. This neighborhood goes by many names which can be confusing, NW 23rd, Nob Hill, Uptown, etc. It is sometimes referred to by locals as “Trendy-third.” It is also known as the Historic Alphabet District, a very appropriate name since the street signs are in alphabetical order, making it easy to find your way around. Despite the name confusion it is a neighborhood not to be missed!

Some of Portland's best gourmet and nationally-rated restaurants are located in this area. Nob Hill is also well known for its shopping. On the tree-lined streets grand old Victorian houses perch above the sidewalks, some of which have been turned into artsy shops, trendy clothing boutiques and locally-owned book stores. You'll also find great bars, spas, salons, and local markets. This is a great Portland neighborhood for strolling and people-watching. Parking spaces are hard to find so ride your bicycle, walk or take the street car.

Boundary: The district stretches west to east from the base of the West Hills to I-405 (between NW 15th and 16th Streets), and north to south from NW Nicolai St. and the Willamette River to W Burnside St.

Typical price and style of homes: Turn-of-the century Victorians, restored Craftsmen, and other large Portland homes with period details, as well as many unique apartment homes, historic converted condos and rentals. The average home price is $368,938 and the median is $289,950. Detached houses typically range from half a million to a million dollars and you can buy a few hundred square foot converted loft for as little as $100,000.

Points of Interest: City Market NW, Papa Haydn, Dove Lewis Emergency Animal Hospital, Cinema 21, Mission Theater, Couch Park, Wallace Park, Forest Park

Home shoppers rush in as interest rates fall

2008-12-02T11:19:00.000-08:00

Telephones are ringing — and ringing — at mortgage brokers' offices around the country after this week's sharp drop in mortgage rates.

Average rates on 30-year fixed-rate mortgages fell to 5.97%, down from 6.33% the week before, according to Bankrate.com. Some brokers report rates as low as 5.25%.

Borrowers with a $200,000 loan, for example, would save about $63 a month if their interest rate dropped to 5.5% from 6%.

Credit the Federal Reserve's announcement this week that it will buy $500 billion in mortgage-backed securities held by Fannie Mae and Freddie Mac, helping the two mortgage-finance giants increase the pool of money available to banks and other lenders to make new mortgages.

"It is pretty remarkable stuff," says Bob Walters, the chief economist at Quicken Loans, where applications quadrupled Tuesday from Monday.

View full article at USA Today.

Portland Neighboorhood: Pearl District

2008-11-19T22:39:00.000-08:00

Discover every week a new neighboorhood in Portland.
This week I will be highlighting the Pearl District.

The Pearl District has undergone significant renovation and is now Portland's premier urban-chic neighborhood. Many of the aging industrial warehouses have been turned into luxurious lofts, townhouses, and condos. The urban renewal began in the late 1990’s and it appears will continue into the future with the development of the North Pearl District. Today the Pearl District is an award-winning, internationally recognized leader in urban renewal. Often considered the "gold standard" of live, work and play mixed-use space, the Pearl District is a superb affirmation that a miraculous quality of life can rise from the ashes of urban decay. First Thursday is a popular event with galleries showcasing the best of local artists as well as live music and wine tasting. Powell's City of Books, a Portland icon, is the world's largest independent bookstore in the United States and occupies a full city block. If you work downtown and enjoy city living, this is the place to be for an easy commute. Walk or take the Portland Streetcar, light rail MAX train, or Tri Met bus to work and play. Located along the Willamette River downtown in an old warehouse district, the neighborhood offers a feeling of urban historic charm.

The Portland Pearl District is ever-changing and full of new development. New buildings are being erected in every direction. The bustling streets are lined with upscale shopping boutiques, art galleries, unique antique and home interior stores, and the requisite coffee shops and restaurants. This continues to be seen as a trendy and upscale urban locale for hip urbanites who want to live in the center of it all.

Boundary: The boundaries for the pearl are Burnside to the south, the Willamette river to the North, NW 16th to the West, and Broadway and the waterfront to the (north)east. It is bordered by the Old Town, China Town, Downtown, Goose Hollow, and Northwest neighborhoods, and the Willamette River.

Typical price and style of homes: New and converted warehouse lofts and townhomes. Prices range from the mid $100k’s for a small studio on the edge of the Pearl to multi-million dollar penthouses with views in the heart of it all. The average price is $547,312 and the median price is $440,000.

Points of interest: Jamison Square, Powell's City of Books, Art in the Pearl, Pearl restaurants and shops, First Thursday, Brewery Blocks, North Park Blocks, Portland Armory

* Source for average and median home prices: Portland Monthly published April 2008